MGM Growth Properties Operating Partnership (MGP) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37733
Entity Registrant Name	MGM Growth Properties LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5513237
Entity Address, Address Line One	1980 Festival Plaza Drive, Suite #750
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89135
City Area Code	702
Local Phone Number	669-1480
Title of 12(b) Security	Class A Shares, no par value
Trading Symbol	MGP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001656936
Current Fiscal Year End Date	--12-31
MGP Operating Partnership
Document Information [Line Items]
Entity File Number	333-215571
Entity Registrant Name	MGM Growth Properties Operating Partnership LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1162318
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001691299
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		156,660,834
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Real estate investments, net	$ 8,147,627	$ 8,310,737
Lease incentive asset	492,146	507,161
Investment in unconsolidated affiliate	815,399	810,066
Cash and cash equivalents	319,576	626,385
Prepaid expenses and other assets	23,873	25,525
Above market lease, asset	38,686	39,867
Operating lease right-of-use assets	280,988	280,565
Total assets	10,118,295	10,600,306
Liabilities
Debt, net	4,164,898	4,168,959
Due to MGM Resorts International and affiliates	333	316
Accounts payable, accrued expenses and other liabilities	71,507	124,109
Accrued interest	52,007	48,505
Dividend and distribution payable	139,374	136,484
Deferred revenue	204,023	156,760
Deferred income taxes, net	33,298	33,298
Operating lease liabilities	340,270	341,133
Total liabilities	5,005,710	5,009,564
Commitments and contingencies (Note 11)
Shareholders' equity
Class A shares: no par value, 1,000,000,000 shares authorized, 156,653,604 and 131,459,651 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	3,562,123	3,114,331
Accumulated deficit	(507,469)	(422,897)
Accumulated other comprehensive loss	(47,730)	(51,197)
Total Class A shareholders' equity	3,006,924	2,640,237
Noncontrolling interest	2,105,661	2,950,505
Total shareholders' equity	5,112,585	5,590,742
Partners’ capital
Total liabilities and shareholders’ equity	10,118,295	10,600,306
MGP Operating Partnership
ASSETS
Real estate investments, net	8,147,627	8,310,737
Lease incentive asset	492,146	507,161
Investment in unconsolidated affiliate	815,399	810,066
Cash and cash equivalents	319,576	626,385
Prepaid expenses and other assets	23,873	25,525
Above market lease, asset	38,686	39,867
Operating lease right-of-use assets	280,988	280,565
Total assets	10,118,295	10,600,306
Liabilities
Debt, net	4,164,898	4,168,959
Due to MGM Resorts International and affiliates	333	316
Accounts payable, accrued expenses and other liabilities	71,507	124,109
Accrued interest	52,007	48,505
Dividend and distribution payable	139,374	136,484
Deferred revenue	204,023	156,760
Deferred income taxes, net	33,298	33,298
Operating lease liabilities	340,270	341,133
Total liabilities	5,005,710	5,009,564
Commitments and contingencies (Note 11)
Partners’ capital
General partner	0	0
Limited partners: 268,026,361 and 279,966,531 Operating Partnership units issued and outstanding as of September 30, 2021 and December 31, 2020, respectively.	5,112,585	5,590,742
Total partners’ capital	5,112,585	5,590,742
Total liabilities and shareholders’ equity	$ 10,118,295	$ 10,600,306

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020
Shareholders' equity
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, issued (in shares)	156,653,604	131,459,651
Common stock, shares outstanding (in shares)	156,653,604	131,459,651
MGP Operating Partnership
Partners’ capital
Partners' capital, units issued (in shares)	268,026,361	279,966,531
Partners' capital, units outstanding (in shares)	268,026,361	279,966,531

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 194,342	$ 194,342	$ 583,026	$ 598,254
Expenses
Depreciation	57,613	58,240	173,322	178,692
Property transactions, net	327	0	1,208	194,990
Ground lease expense	5,920	5,920	17,760	17,760
Acquisition-related expenses	6,287	0	6,565	980
General and administrative	3,895	3,476	11,860	12,089
Total Expenses	74,042	67,636	210,715	404,511
Other income (expense)
Income from unconsolidated affiliate	25,050	25,210	75,808	64,026
Interest income	139	533	537	3,903
Interest expense	(64,225)	(59,974)	(201,412)	(164,549)
Gain (loss) on unhedged interest rate swaps, net	4,411	7,701	33,015	(2,831)
Other	(181)	(36)	(1,103)	(18,817)
Non-operating income (expense)	(34,806)	(26,566)	(93,155)	(118,268)
Income before income taxes	85,494	100,140	279,156	75,475
Provision for income taxes	(2,396)	(2,732)	(6,952)	(6,364)
Net income	83,098	97,408	272,204	69,111
Less: Net income attributable to noncontrolling interest	(33,130)	(54,030)	(118,749)	(34,465)
Net income attributable to Class A shareholders	$ 49,968	$ 43,378	$ 153,455	$ 34,646
Weighted average Class A shares outstanding
Basic (in shares)	156,799	131,567	149,037	128,788
Diluted (in shares)	156,982	131,700	149,234	128,935
MGP Operating Partnership
Revenues	$ 194,342	$ 194,342	$ 583,026	$ 598,254
Expenses
Depreciation	57,613	58,240	173,322	178,692
Property transactions, net	327	0	1,208	194,990
Ground lease expense	5,920	5,920	17,760	17,760
Acquisition-related expenses	6,287	0	6,565	980
General and administrative	3,895	3,476	11,860	12,089
Total Expenses	74,042	67,636	210,715	404,511
Other income (expense)
Income from unconsolidated affiliate	25,050	25,210	75,808	64,026
Interest income	139	533	537	3,903
Interest expense	(64,225)	(59,974)	(201,412)	(164,549)
Gain (loss) on unhedged interest rate swaps, net	4,411	7,701	33,015	(2,831)
Other	(181)	(36)	(1,103)	(18,817)
Non-operating income (expense)	(34,806)	(26,566)	(93,155)	(118,268)
Income before income taxes	85,494	100,140	279,156	75,475
Provision for income taxes	(2,396)	(2,732)	(6,952)	(6,364)
Net income	83,098	97,408	272,204	69,111
Net income attributable to Class A shareholders	$ 83,098	$ 97,408	$ 272,204	$ 69,111
Weighted average units outstanding
Basic (in shares)	268,172	303,580	270,171	315,642
Diluted (in shares)	268,355	303,713	270,368	315,789
Net income (loss) per Operating Partnership unit (Basic) (in dollars per share)	$ 0.31	$ 0.32	$ 1.01	$ 0.22
Net income (loss) per Operating Partnership unit (Diluted) (in dollars per share)	$ 0.31	$ 0.32	$ 1.01	$ 0.22
Class A Shares
Weighted average Class A shares outstanding
Basic (in shares)	156,799	131,567	149,037	128,788
Diluted (in shares)	156,982	131,700	149,234	128,935
Earnings per Class A share
Basic (in usd per share)	$ 0.32	$ 0.34	$ 1.03	$ 0.27
Diluted (in usd per share)	$ 0.32	$ 0.34	$ 1.03	$ 0.27
Rental revenue
Revenues	$ 188,303	$ 188,303	$ 564,910	$ 580,138
Rental revenue | MGP Operating Partnership
Revenues	188,303	188,303	564,910	580,138
Ground lease
Revenues	6,039	6,039	18,116	18,116
Ground lease | MGP Operating Partnership
Revenues	$ 6,039	$ 6,039	$ 18,116	$ 18,116

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 83,098	$ 97,408	$ 272,204	$ 69,111
Unrealized gain (loss) on cash flow hedges	7,966	729	27,369	(101,982)
Comprehensive income (loss)	91,064	98,137	299,573	(32,871)
Less: Comprehensive (income) loss attributable to noncontrolling interests	(36,440)	(54,443)	(131,605)	27,291
Comprehensive income (loss) attributable to Class A shareholders	54,624	43,694	167,968	(5,580)
MGP Operating Partnership
Net income	83,098	97,408	272,204	69,111
Unrealized gain (loss) on cash flow hedges	7,966	729	27,369	(101,982)
Comprehensive income (loss) attributable to Class A shareholders	$ 91,064	$ 98,137	$ 299,573	$ (32,871)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 272,204	$ 69,111
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	173,322	178,692
Property transactions, net	1,208	194,990
Amortization of financing costs	8,587	7,314
Loss on retirement of debt	0	18,129
Non-cash ground lease, net	778	778
Deemed contributions - tax sharing agreement	6,952	6,364
Straight-line rental revenues, excluding amortization of lease incentive asset	48,396	38,046
Amortization of lease incentive asset	15,015	15,015
Amortization of deferred revenue on non-normal tenant improvements	(1,134)	(1,134)
Amortization of cash flow hedges	16,805	5,784
(Gain) loss on unhedged interest rate swaps, net	(33,015)	2,831
Share-based compensation	2,290	1,996
Income from unconsolidated affiliate	(75,808)	(64,026)
Distributions from unconsolidated affiliate	70,475	58,090
Change in operating assets and liabilities:
Prepaid expenses and other assets	(744)	(4,781)
Due to MGM Resorts International and affiliates	(500)	(499)
Accounts payable, accrued expenses and other liabilities	(11,179)	628
Accrued interest	3,502	7,849
Net cash provided by operating activities	497,154	535,177
Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net	0	58,615
Net cash provided by investing activities	0	58,615
Cash flows from financing activities
Net repayments under bank credit facility	(10,000)	(1,603,750)
Proceeds from issuance of bridge loan facility	0	1,304,625
Proceeds from issuance of debt	0	800,000
Deferred financing costs	0	(11,307)
Proceeds from issuance of Class A shares, net	792,852	524,616
Redemption of Operating Partnership units	(1,181,276)	(700,000)
Dividends and distributions paid	(405,539)	(453,778)
Other	0	(1,130)
Net cash used in financing activities	(803,963)	(140,724)
Cash and cash equivalents
Net increase (decrease) for the period	(306,809)	453,068
Balance, beginning of period	626,385	202,101
Balance, end of period	319,576	655,169
Supplemental cash flow disclosures
Interest paid	172,518	143,604
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	139,374	147,941
MGP BREIT Venture assumption of bridge loan facility	0	1,304,625
MGP BREIT Venture Transaction
Non-cash investing and financing activities
Investment in MGP BREIT Venture	0	802,000
MGP Operating Partnership
Cash flows from operating activities
Net income	272,204	69,111
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	173,322	178,692
Property transactions, net	1,208	194,990
Amortization of financing costs	8,587	7,314
Loss on retirement of debt	0	18,129
Non-cash ground lease, net	778	778
Deemed contributions - tax sharing agreement	6,952	6,364
Straight-line rental revenues, excluding amortization of lease incentive asset	48,396	38,046
Amortization of lease incentive asset	15,015	15,015
Amortization of deferred revenue on non-normal tenant improvements	(1,134)	(1,134)
Amortization of cash flow hedges	16,805	5,784
(Gain) loss on unhedged interest rate swaps, net	(33,015)	2,831
Share-based compensation	2,290	1,996
Income from unconsolidated affiliate	(75,808)	(64,026)
Distributions from unconsolidated affiliate	70,475	58,090
Change in operating assets and liabilities:
Prepaid expenses and other assets	(744)	(4,781)
Due to MGM Resorts International and affiliates	(500)	(499)
Accounts payable, accrued expenses and other liabilities	(11,179)	628
Accrued interest	3,502	7,849
Net cash provided by operating activities	497,154	535,177
Cash flows from investing activities
Proceeds from sale of Mandalay Bay real estate assets, net	0	58,615
Net cash provided by investing activities	0	58,615
Cash flows from financing activities
Net repayments under bank credit facility	(10,000)	(1,603,750)
Proceeds from issuance of bridge loan facility	0	1,304,625
Proceeds from issuance of debt	0	800,000
Deferred financing costs	0	(11,307)
Proceeds from issuance of Class A shares, net	792,852	524,616
Redemption of Operating Partnership units	(1,181,276)	(700,000)
Dividends and distributions paid	(405,539)	(453,778)
Other	0	(1,130)
Net cash used in financing activities	(803,963)	(140,724)
Cash and cash equivalents
Net increase (decrease) for the period	(306,809)	453,068
Balance, beginning of period	626,385	202,101
Balance, end of period	319,576	655,169
Supplemental cash flow disclosures
Interest paid	172,518	143,604
Non-cash investing and financing activities
Accrual of dividend and distribution payable to Class A shareholders and Operating Partnership unit holders	139,374	147,941
MGP BREIT Venture assumption of bridge loan facility	0	1,304,625
MGP Operating Partnership | MGP BREIT Venture Transaction
Non-cash investing and financing activities
Investment in MGP BREIT Venture	$ 0	$ 802,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands		Total	Total Class A Shareholders' Equity	Common stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2019				113,807,000
Beginning Balance at Dec. 31, 2019		$ 6,898,012	$ 2,514,899	$ 0	$ 2,766,325	$ (244,381)	$ (7,045)	$ 4,383,113
Changes in equity:
Net income		69,111
Net income (loss)	[1]	62,511	34,646			34,646		27,865
Issuance of Class A shares (in shares)	[1]			17,524,000
Issuance of Class A shares	[1]	506,198	442,717		443,363		(646)	63,481
MGP BREIT Venture Transaction	[1]	63,904	8,287		8,228		59	55,617
Partial redemption of temporary equity	[1]	(7,532)	(20,032)		(15,260)		(4,772)	12,500
Reclassifications and remeasurements of temporary equity	[1]	(1,411,530)	(233,913)		(233,913)			(1,177,617)
Cash flow hedges		(101,982)
Cash flow hedges	[1]	(88,025)	(40,226)				(40,226)	(47,799)
Share-based compensation	[1]	1,749	816		816			933
Deemed contribution - tax sharing agreement	[1]	5,317						5,317
Dividends and distributions declared	[1]	(407,483)	(190,559)			(190,559)		(216,924)
Other (shares)	[1]			124,000
Other	[1]	(105)	1,393		1,346		47	(1,498)
Ending Balance (in shares) at Sep. 30, 2020				131,455,000
Ending Balance at Sep. 30, 2020		$ 5,623,016	2,518,028	$ 0	2,970,905	(400,294)	(52,583)	3,104,988
Changes in equity:
Dividend declared (in dollars per share)		$ 1.4500
Beginning Balance (in shares) at Jun. 30, 2020				131,455,000
Beginning Balance at Jun. 30, 2020		$ 5,669,446	2,555,196	$ 0	2,987,682	(379,587)	(52,899)	3,114,250
Changes in equity:
Net income		97,408
Net income (loss)	[2]	89,249	43,378			43,378		45,871
Reclassifications and remeasurements of temporary equity	[2]	(3,480)	(17,055)		(17,055)			13,575
Cash flow hedges		729
Cash flow hedges	[2]	624	316				316	308
Share-based compensation	[2]	585	277		277			308
Deemed contribution - tax sharing agreement	[2]	2,335						2,335
Dividends and distributions declared	[2]	(135,745)	(64,085)			(64,085)		(71,660)
Other (shares)	[2]			0
Other	[2]	2	1		1		0	1
Ending Balance (in shares) at Sep. 30, 2020				131,455,000
Ending Balance at Sep. 30, 2020		$ 5,623,016	2,518,028	$ 0	2,970,905	(400,294)	(52,583)	3,104,988
Changes in equity:
Dividend declared (in dollars per share)		$ 0.4875
Beginning Balance (in shares) at Dec. 31, 2020		131,459,651		131,460,000
Beginning Balance at Dec. 31, 2020		$ 5,590,742	2,640,237	$ 0	3,114,331	(422,897)	(51,197)	2,950,505
Changes in equity:
Net income		272,204	153,455			153,455		118,749
Issuance of Class A shares (in shares)				25,102,000
Issuance of Class A shares		792,852	656,361		660,533		(4,172)	136,491
Redemption of Operating Partnership units		(1,181,276)	(227,487)		(220,627)		(6,860)	(953,789)
Cash flow hedges		27,369	14,513				14,513	12,856
Share-based compensation		2,290	1,269		1,269			1,021
Deemed contribution - tax sharing agreement		6,952						6,952
Dividends and distributions declared		(408,429)	(238,027)			(238,027)		(170,402)
Other (shares)				92,000
Other		$ 9,881	6,603		6,617		(14)	3,278
Ending Balance (in shares) at Sep. 30, 2021		156,653,604		156,654,000
Ending Balance at Sep. 30, 2021		$ 5,112,585	3,006,924	$ 0	3,562,123	(507,469)	(47,730)	2,105,661
Changes in equity:
Dividend declared (in dollars per share)		$ 1.5300
Beginning Balance (in shares) at Jun. 30, 2021				156,646,000
Beginning Balance at Jun. 30, 2021		$ 5,146,117	3,026,458	$ 0	3,554,821	(475,978)	(52,385)	2,119,659
Changes in equity:
Net income		83,098	49,968			49,968		33,130
Issuance of Class A shares (in shares)				8,000
Issuance of Class A shares		283	230		231		(1)	53
Cash flow hedges		7,966	4,656				4,656	3,310
Share-based compensation		680	397		397			283
Deemed contribution - tax sharing agreement		2,396						2,396
Dividends and distributions declared		(139,374)	(81,459)			(81,459)		(57,915)
Other (shares)				0
Other		$ 11,419	6,674		6,674		0	4,745
Ending Balance (in shares) at Sep. 30, 2021		156,653,604		156,654,000
Ending Balance at Sep. 30, 2021		$ 5,112,585	$ 3,006,924	$ 0	$ 3,562,123	$ (507,469)	$ (47,730)	$ 2,105,661
Changes in equity:
Dividend declared (in dollars per share)		$ 0.5200
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividend declared (in dollars per share)	$ 0.5200	$ 0.4875	$ 1.5300	$ 1.4500

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Partners' Capital - USD ($) $ in Thousands		Total		MGP Operating Partnership		MGP Operating PartnershipLimited Partners
Beginning Balance at Dec. 31, 2019				$ 6,898,012		$ 6,898,012
Changes in partners' capital:
Net income		$ 69,111		69,111
Net income (loss)		62,511	[1]	62,511	[2]	62,511	[2]
Proceeds from issuance of Class A shares by MGP	[2]			506,198		506,198
MGP BREIT Venture Transaction	[2]			63,904		63,904
Partial redemption of temporary equity		(7,532)	[1]	(7,532)	[2]	(7,532)	[2]
Reclassifications and remeasurements of temporary equity		(1,411,530)	[1]	(1,411,530)	[2]	(1,411,530)	[2]
Cash flow hedges	[2]			(88,025)		(88,025)
Share-based compensation		1,749	[1]	1,749	[2]	1,749	[2]
Deemed contribution - tax sharing agreement		$ 5,317	[1]	5,317	[2]	5,317	[2]
Dividends declared	[2]			(407,483)		(407,483)
Other	[2]			(105)		(105)
Ending Balance at Sep. 30, 2020				$ 5,623,016		5,623,016
Changes in partners' capital:
Dividend declared (in dollars per share)		$ 1.4500		$ 1.4500	[2]
Beginning Balance at Jun. 30, 2020				$ 5,669,446		5,669,446
Changes in partners' capital:
Net income		$ 97,408		97,408
Net income (loss)		89,249	[3]	89,249	[4]	89,249	[4]
Reclassifications and remeasurements of temporary equity		(3,480)	[3]	(3,480)	[4]	(3,480)	[4]
Cash flow hedges	[4]			624		624
Share-based compensation		585	[3]	585	[4]	585	[4]
Deemed contribution - tax sharing agreement		$ 2,335	[3]	2,335	[4]	2,335	[4]
Dividends declared	[4]			(135,745)		(135,745)
Other	[4]			2		2
Ending Balance at Sep. 30, 2020				$ 5,623,016		5,623,016
Changes in partners' capital:
Dividend declared (in dollars per share)		$ 0.4875		$ 0.4875	[4]
Beginning Balance at Dec. 31, 2020				$ 5,590,742		5,590,742
Changes in partners' capital:
Net income		$ 272,204		272,204		272,204
Proceeds from issuance of Class A shares by MGP				792,852		792,852
Redemption of Operating Partnership units				(1,181,276)		(1,181,276)
Cash flow hedges		27,369		27,369		27,369
Share-based compensation		2,290		2,290		2,290
Deemed contribution - tax sharing agreement		$ 6,952		6,952		6,952
Dividends declared				(408,429)		(408,429)
Other				9,881		9,881
Ending Balance at Sep. 30, 2021				$ 5,112,585		5,112,585
Changes in partners' capital:
Dividend declared (in dollars per share)		$ 1.5300		$ 1.5300
Beginning Balance at Jun. 30, 2021				$ 5,146,117		5,146,117
Changes in partners' capital:
Net income		$ 83,098		83,098		83,098
Proceeds from issuance of Class A shares by MGP				283		283
Cash flow hedges		7,966		7,966		7,966
Share-based compensation		680		680		680
Deemed contribution - tax sharing agreement		$ 2,396		2,396		2,396
Dividends declared				(139,374)		(139,374)
Other				11,419		11,419
Ending Balance at Sep. 30, 2021				$ 5,112,585		$ 5,112,585
Changes in partners' capital:
Dividend declared (in dollars per share)		$ 0.5200		$ 0.5200
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable capital. See Note 2.
[3]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[4]	Excludes amounts attributable to redeemable capital. See Note 2.

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Dividend declared (in dollars per share)	$ 0.5200	$ 0.4875		$ 1.5300	$ 1.4500
MGP Operating Partnership
Dividend declared (in dollars per share)	$ 0.5200	$ 0.4875	[1]	$ 1.5300	$ 1.4500	[2]
[1]	Excludes amounts attributable to redeemable capital. See Note 2.
[2]	Excludes amounts attributable to redeemable capital. See Note 2.

Business

Business	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Organization. MGM Growth Properties LLC (“MGP” or the “Company”) is a limited liability company that was organized in Delaware in October 2015. MGP conducts its operations through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”), a Delaware limited partnership that was formed in January 2016 and became a subsidiary of MGP in April 2016. The Company elected to be taxed as a real estate investment trust (“REIT”) commencing with its taxable year ended December 31, 2016. MGP is a publicly traded REIT primarily engaged through its investment in the Operating Partnership which owns, acquires, leases and invests in large-scale destination entertainment and leisure properties, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail and other amenities. A wholly owned subsidiary of the Operating Partnership leases its real estate properties back to a wholly owned subsidiary of MGM under a master lease agreement (the “MGM-MGP Master Lease”). In February 2020, the Operating Partnership entered into certain transactions to form a venture owned 50.1% by the Operating Partnership and 49.9% by a subsidiary of Blackstone Real Estate Income Trust, Inc. (“BREIT”, such venture, the “MGP BREIT Venture”), which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay and leases such real estate properties back to a wholly owned subsidiary of MGM under a master lease agreement (the “MGP BREIT Venture lease”, such formation transaction, the “MGP BREIT Venture Transaction”). As of September 30, 2021, there were approximately 268.0 million Operating Partnership units outstanding in the Operating Partnership, of which MGM owned approximately 111.4 million, or 41.6%, and MGP owned the remaining 58.4%. MGM’s Operating Partnership units are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the Fair Market Value of a Class A share (as defined in the Operating Partnership’s partnership agreement). The determination of settlement method is at the option of MGP’s independent conflicts committee. MGM’s indirect ownership of these Operating Partnership units is recognized as a noncontrolling interest in MGP’s financial statements. A wholly owned subsidiary of MGP is the general partner of the Operating Partnership and operates and controls all of its business affairs. As a result, MGP consolidates the Operating Partnership and its subsidiaries. MGM also has ownership of MGP’s outstanding Class B share. The Class B share is a non-economic interest in MGP which does not provide its holder any rights to profits or losses or any rights to receive distributions from the operations of MGP or upon liquidation or winding up of MGP but which represents a majority of the voting power of MGP’s shares. As a result, MGP continues to be controlled by MGM through its majority voting rights and is consolidated by MGM. In March 2021, certain subsidiaries of MGM delivered a notice of redemption to the Company covering approximately 37.1 million Operating Partnership units that they held that was satisfied with aggregate cash proceeds of approximately $1.2 billion using cash on hand together with the proceeds from the issuance of Class A shares. Refer to Note 8 for further discussion. On August 4, 2021, the Company and the Operating Partnership entered into an agreement with VICI Properties, Inc. (“VICI”) and MGM whereby VICI will acquire the Company in a stock-for-stock transaction (such transaction, the “VICI Transaction”). Pursuant to the agreement, MGP Class A shareholders will have the right to receive 1.366 shares of newly issued VICI stock in exchange for each MGP Class A share outstanding and MGM will have the right to receive 1.366 units of the new VICI operating partnership (“VICI OP”) in exchange for each Operating Partnership unit held by MGM. The fixed exchange ratio represents an agreed upon price of $43 per share of MGP Class A share to the five-day volume weighted average price of VICI stock as of the close of business on July 30, 2021. In connection with the exchange, VICI OP will redeem the majority of MGM’s VICI OP units for cash consideration of $4.4 billion, with MGM retaining approximately 12.2 million VICI OP units. MGP’s Class B share that is held by MGM will be cancelled. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, regulatory approvals, and approval by VICI stockholders (which was received on October 29, 2021). Subsequent to quarter end, on October 29, 2021, the Company acquired the real estate assets of MGM Springfield from MGM for $400 million of cash consideration. MGM Springfield was added to the MGM-MGP Master Lease between the Company and MGM. Following the closing of the transaction, the annual rent payment under the MGM-MGP Master Lease increased by $30 million, $27.0 million of which is fixed and contractually grows at 2% per year with escalators subject to the tenant meeting an adjusted net revenue to rent ratio. Final regulatory approvals, which were not necessary for the transaction to close, are expected to be received within nine to twelve months following the close of the transaction. Until final regulatory approvals are obtained, the parties will be subject to a trust agreement, which will provide for the property to be placed into a trust (or, at MGM’s option, be returned to MGM) during the interim period in the event that the regulator finds reasonable

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K. Reclassifications. Certain reclassifications have been made to conform the prior period presentation. Principles of consolidation. The Company identifies entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIE”). A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. The consolidated financial statements of MGP include the accounts of the Operating Partnership, a VIE of which the Company is the primary beneficiary, as well as its wholly owned and majority-owned subsidiaries, which represents all of MGP’s assets and liabilities. As MGP holds what is deemed a majority voting interest in the Operating Partnership through its ownership of the Operating Partnership’s sole general partner, it qualifies for the exemption from providing certain of the required disclosures associated with investments in VIEs. The consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, MGP Lessor LLC, which is the MGM-MGP Master Lease landlord, a VIE of which the Operating Partnership is the primary beneficiary. As of September 30, 2021, on a consolidated basis, MGP Lessor, LLC had total assets of $9.0 billion primarily related to its real estate investments, and total liabilities of $577.7 million primarily related to its deferred revenue and operating lease liabilities. For entities determined not to be VIEs, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has controlling financial interest based upon the terms of the respective entities’ ownership agreements. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s MGP BREIT Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process which prevents the Company from exerting a controlling financial interest, as defined in ASC 810. Noncontrolling interest. MGP presents noncontrolling interest and classifies such interest as a component of consolidated shareholders’ equity, separate from the Company’s Class A shareholders’ equity. Noncontrolling interest in MGP represents Operating Partnership units currently held by subsidiaries of MGM. Comprehensive income or loss of the Operating Partnership is allocated to its noncontrolling interest based on the noncontrolling interest’s ownership percentage in the Operating Partnership except for income tax expenses. Ownership percentage is calculated by dividing the number of Operating Partnership units held by the noncontrolling interest by the total Operating Partnership units held by the noncontrolling interest and the Company. Issuance of additional Class A shares and Operating Partnership units changes the ownership interests of both the noncontrolling interest and the Company. Such transactions and the related proceeds are treated as capital transactions. MGM may tender its Operating Partnership units for redemption in exchange for cash equal to the market price of MGP’s Class A shares at the time of redemption or for unregistered Class A shares on a one-for-one basis. Such election to pay cash or issue Class A shares to satisfy an Operating Partnership unitholder’s redemption request is solely within the control of MGP’s independent conflicts committee. Redeemable noncontrolling interest and redeemable capital. On January 14, 2020 the Operating Partnership agreed to waive its right following the closing of the MGP BREIT Venture Transaction to issue MGP Class A shares, in lieu of cash, to settle redemptions of Operating Partnership units held by MGM up to a maximum cash redemption amount of $1.4 billion. In connection with the waiver, the Operating Partnership and the Company reclassified, from permanent equity to temporary equity, the carrying value of Operating Partnership units that could require cash redemption and remeasured the units to their redemption value. The Operating Partnership units that comprised the $1.4 billion redemption amount were determined based on a 3% discount to the ten-day average closing price prior to the date of determination. At each subsequent reporting period, the carrying value of temporary equity was remeasured to the greater of: (1) the carrying value of the number of units then considered redeemable, inclusive of the comprehensive income and losses attributed based on a per unit or share basis in accordance with ASC 810 or (2) the redemption value of the number of units that are then redeemable based on the remaining aggregate cash redemption amount and the per share redemption value, except that decreases in the per unit or share redemption were limited to the amount of previous increases, with the differences between the carrying value and the remeasured value being recorded as an adjustment in additional paid-in capital (in lieu of retained earnings) or limited partners’ capital. The $1.4 billion maximum cash redemption amount was completed by the $700 million redeemed on May 18, 2020 and the $700 million redeemed on December 2, 2020. The components of equity that related to the Company’s redeemable noncontrolling interest and the Operating Partnership’s redeemable capital were as follows: (in thousands) As of June 30, 2020 $ 700,000 Reclassification and remeasurement adjustments 3,480 Attribution of: Net income 8,159 Cash flow hedges 105 Share-based compensation 54 Deemed contribution - tax sharing agreement 397 MGP dividends and Operating Partnership distributions declared (12,196) Other 1 As of September 30, 2020 $ 700,000 (in thousands) As of January 14, 2020 $ — Reclassification and remeasurement adjustments 1,411,530 Attribution of: Net loss 6,600 Partial redemption of temporary equity (692,468) Proceeds from the issuance of Class A shares by MGP 18,418 MGP BREIT Venture Transaction 16,136 Cash flow hedges (13,957) Share-based compensation 247 Deemed contribution - tax sharing agreement 1,047 MGP dividends and Operating Partnership distributions declared (46,887) Other (666) As of September 30, 2020 $ 700,000 Property transactions, net . Property transactions, net are comprised of transactions related to long-lived assets, such as gains and losses on the disposition of assets. Fair value measurements. Fair value measurements are utilized in the accounting and impairment assessments of the Company’s real estate investments, investment in unconsolidated affiliate, and certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 2 inputs for its debt fair value disclosures. See Note 6; and • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7. Reportable segment. The Company’s operations consist of investments in real estate, both wholly-owned and through its investment in MGP BREIT Venture, for which all such real estate properties are similar to one another in that they consist of large-scale destination entertainment and leisure properties and related offerings, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. The operating results of the Company’s wholly owned and equity method real estate investments are regularly reviewed, in the aggregate, by the chief operating decision maker. As such, the Company has one reportable segment. Income tax provision. For interim income tax reporting, the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a provision of 2.8% and 2.5% for the three and nine months ended September 30, 2021, respectively, and 2.7% and 8.4% for the three and nine months ended September 30, 2020, respectively. The Company and MGM join in the filing of a New Jersey consolidated corporation business tax return and have entered into a tax sharing agreement which provides for an allocation of taxes due in the consolidated New Jersey return. No amounts were due to MGM under the tax sharing agreement between the Company and MGM as of September 30, 2021 or December 31, 2020. Recently issued accounting standards. In March 2020, the FASB issued ASC 848, “Reference Rate Reform (Topic 848)”. ASC 848 provides optional expedients for applying U.S. GAAP to reference rate reform related contracts, hedging relationships and other qualifying transactions. Application of these expedients preserve the presentation of derivative instruments consistent with past presentation. The guidance is optional and may be elected when or as reference rate reform activities occur. The Company is currently evaluating whether it will elect practical expedients if and when its hedging and related activities are impacted.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS The carrying value of real estate investments is as follows: September 30, 2021 December 31, 2020 (in thousands) Land $ 3,431,228 $ 3,431,228 Buildings, building improvements, land improvements and integral equipment 7,462,120 7,426,110 10,893,348 10,857,338 Less: Accumulated depreciation (2,745,721) (2,546,601) $ 8,147,627 $ 8,310,737

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliate	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED AFFILIATE	INVESTMENT IN UNCONSOLIDATED AFFILIATEAs of September 30, 2021, the Operating Partnership’s investment in unconsolidated affiliate was comprised of its 50.1% interest in MGP BREIT Venture. The Operating Partnership recorded its share of income as “Income from unconsolidated affiliate” in the condensed consolidated statements of operations. The Operating Partnership received $23.5 million and $70.5 million in distributions from MGP BREIT Venture during the three and nine months ended September 30, 2021, respectively, and $22.9 million and $58.1 million in distributions from MGP BREIT Venture during the three and nine months ended September 30, 2020, respectively. Summarized results of operations of MGP BREIT Venture are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Net revenues $ 98,681 $ 98,681 $ 296,044 $ 247,800 Net income 50,001 50,320 151,314 127,799 MGP BREIT Venture guarantee. The Operating Partnership provides a guarantee for losses incurred by the lenders of the $3.0 billion indebtedness of the MGP BREIT Venture arising out of certain bad acts by the Operating Partnership, its venture partner, or the venture, such as fraud or willful misconduct, based on the party’s percentage ownership of the MGP BREIT Venture, which guarantee is capped at 10% of the principal amount outstanding at the time of the loss. The Operating Partnership and its venture partner have separately indemnified each other for the other party’s share of the overall liability exposure, if at fault. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial. MGP BREIT Venture excess cash flow guarantee. The MGP BREIT Venture loan agreement requires that the tenant EBITDAR to MGP BREIT Venture cash interest ratio is maintained above a specified level. If this ratio is not met for two consecutive fiscal quarters, then the borrowers will be unable to distribute excess cash flows to the venture partners unless and until an excess cash flow guarantee is provided. The ratio was not met for the two consecutive quarters ended December 31, 2020, and, as a result, in April 2021, the Operating Partnership and an entity affiliated with BREIT each delivered an excess cash flow guarantee to the lenders covering all distributions since January 1, 2021. The guarantee provides that the MGP BREIT Venture may distribute an aggregate amount of cash not to exceed 9.9% of the principal amount of the MGP BREIT Venture’s outstanding indebtedness under the loan agreement, after which distributions must remain at the MGP BREIT Venture in a restricted cash account until such time as the tenant EBITDAR to MGP BREIT Venture cash interest ratio is met for two consecutive quarters. In addition, in the event of a default under the loan agreement while the ratio is not met, the Company may be required to return its respective share of distributions received during the period covered by the guarantee.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	LEASES MGM-MGP Master Lease. The MGM-MGP Master Lease is accounted for as an operating lease and has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year terms thereafter at the option of the tenant. The lease provides that any extension of its term must apply to all of the real estate under the lease at the time of the extension. With respect to MGM National Harbor, the initial lease term ends on August 31, 2024. Thereafter, the initial term of the lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the lease or the next renewal term (depending on whether MGM elects to renew the other properties under the lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the lease, the tenant would also lose the right to renew the lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026. The lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the lease provides MGP with a right of first offer with respect to any future gaming development by MGM on the undeveloped land adjacent to Empire City, which MGP may exercise should MGM elect to sell such property in the future. Rent under the lease consists of a “base rent” component and a “percentage rent” component. As of September 30, 2021, the base rent represents approximately 91% of the rent payments due under the lease and the percentage rent represents approximately 9% of the rent payments due under the lease. The base rent includes a fixed annual rent escalator of 2.0% for the second through the sixth lease years (as defined in the lease). Thereafter, beginning on April 1, 2022, the annual escalator of 2.0% will be subject to the tenant and, without duplication, the operating subsidiary sublessees of the tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the lease (as determined in accordance with U.S. GAAP, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average annual adjusted net revenues of the tenant and, without duplication, the operating subtenants, from the leased properties subject to the lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual adjusted net revenues, excluding net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%). In connection with the commencement of the sixth lease year on April 1, 2021, and the corresponding 2.0% fixed annual rent escalator that went into effect on such date, the base rent under the MGM-MGP Master Lease increased to $764.9 million, resulting in total annual rent under the MGM-MGP Master Lease of $842.8 million. Straight-line rental revenues from the MGM-MGP Master Lease, which includes lease incentive asset amortization, were $188.3 million and $564.9 million for the three and nine months ended September 30, 2021, respectively, and were $188.3 million and $580.1 million for the three and nine months ended September 30, 2020, respectively. The Company also recognized revenue related to ground lease and other of $6.0 million for both the three months ended September 30, 2021 and 2020 and $18.1 million for both the nine months ended September 30, 2021 and 2020. Under the MGM-MGP Master Lease, future non-cancelable minimum cash rental payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include the four five-year renewal options and, with respect to MGM National Harbor, through August 31, 2024, are as follows as of September 30, 2021 (and, accordingly, does not reflect the cash rental payments of $30 million annually related to MGM Springfield, for which the related transaction closed subsequent to September 30, 2021): Year ending December 31, (in thousands) 2021 (excluding the nine months ended September 30, 2021) $ 210,690 2022 784,336 2023 764,861 2024 733,161 2025 669,761 Thereafter 223,254 Total $ 3,386,063
Leases	LEASES MGM-MGP Master Lease. The MGM-MGP Master Lease is accounted for as an operating lease and has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year terms thereafter at the option of the tenant. The lease provides that any extension of its term must apply to all of the real estate under the lease at the time of the extension. With respect to MGM National Harbor, the initial lease term ends on August 31, 2024. Thereafter, the initial term of the lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the lease or the next renewal term (depending on whether MGM elects to renew the other properties under the lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the lease, the tenant would also lose the right to renew the lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026. The lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the lease provides MGP with a right of first offer with respect to any future gaming development by MGM on the undeveloped land adjacent to Empire City, which MGP may exercise should MGM elect to sell such property in the future. Rent under the lease consists of a “base rent” component and a “percentage rent” component. As of September 30, 2021, the base rent represents approximately 91% of the rent payments due under the lease and the percentage rent represents approximately 9% of the rent payments due under the lease. The base rent includes a fixed annual rent escalator of 2.0% for the second through the sixth lease years (as defined in the lease). Thereafter, beginning on April 1, 2022, the annual escalator of 2.0% will be subject to the tenant and, without duplication, the operating subsidiary sublessees of the tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the lease (as determined in accordance with U.S. GAAP, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average annual adjusted net revenues of the tenant and, without duplication, the operating subtenants, from the leased properties subject to the lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual adjusted net revenues, excluding net revenue attributable to certain scheduled subleases and, at the tenant’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%). In connection with the commencement of the sixth lease year on April 1, 2021, and the corresponding 2.0% fixed annual rent escalator that went into effect on such date, the base rent under the MGM-MGP Master Lease increased to $764.9 million, resulting in total annual rent under the MGM-MGP Master Lease of $842.8 million. Straight-line rental revenues from the MGM-MGP Master Lease, which includes lease incentive asset amortization, were $188.3 million and $564.9 million for the three and nine months ended September 30, 2021, respectively, and were $188.3 million and $580.1 million for the three and nine months ended September 30, 2020, respectively. The Company also recognized revenue related to ground lease and other of $6.0 million for both the three months ended September 30, 2021 and 2020 and $18.1 million for both the nine months ended September 30, 2021 and 2020. Under the MGM-MGP Master Lease, future non-cancelable minimum cash rental payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include the four five-year renewal options and, with respect to MGM National Harbor, through August 31, 2024, are as follows as of September 30, 2021 (and, accordingly, does not reflect the cash rental payments of $30 million annually related to MGM Springfield, for which the related transaction closed subsequent to September 30, 2021): Year ending December 31, (in thousands) 2021 (excluding the nine months ended September 30, 2021) $ 210,690 2022 784,336 2023 764,861 2024 733,161 2025 669,761 Thereafter 223,254 Total $ 3,386,063

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Debt consists of the following: September 30, December 31, 2021 2020 (in thousands) Senior secured revolving credit facility $ — $ 10,000 5.625% senior notes, due 2024 1,050,000 1,050,000 4.625% senior notes, due 2025 800,000 800,000 4.50% senior notes, due 2026 500,000 500,000 5.75% senior notes, due 2027 750,000 750,000 4.50% senior notes, due 2028 350,000 350,000 3.875% senior notes, due 2029 750,000 750,000 4,200,000 4,210,000 Less: Unamortized discount and debt issuance costs (35,102) (41,041) $ 4,164,898 $ 4,168,959 Operating Partnership credit agreement and bridge facility. At September 30, 2021, the Operating Partnership senior secured credit facility consisted of a $1.4 billion revolving credit facility. The Operating Partnership’s senior credit facility limits the amount of letters of credit that can be issued to $75 million. No letters of credit were outstanding under the Operating Partnership senior secured credit facility at September 30, 2021. The Operating Partnership was in compliance with its financial covenants at September 30, 2021. Refer to Note 7 for further discussion of the Company’s interest rate swap agreements. Fair value of debt. The estimated fair value of the Operating Partnership’s debt was $4.6 billion at September 30, 2021 and $4.5 billion at December 31, 2020. Fair value was estimated using quoted market prices for the Operating Partnership’s senior notes and senior secured credit facility.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Operating Partnership uses derivative instruments to mitigate the effects of interest rate volatility inherent in its variable rate senior credit facility and forecasted debt issuances for the duration and amount of its interest rate swap agreements, which such variable rate could unfavorably impact future earnings and forecasted cash flows. The Operating Partnership and the Company do not use derivative instruments for speculative or trading purposes. In May 2021, the Operating Partnership terminated interest rate swap agreements with a notional amount of $1.2 billion which resulted in a loss of less than $0.1 million. Additionally, in June 2021, the Operating Partnership modified and extended certain of its existing interest rate swaps with a combined notional amount of $900 million, effective June 30, 2022. The weighted average fixed rate paid under the modified swap agreements is 1.940% and the variable rate received resets monthly to the one-month LIBOR with no minimum floor. The maturity dates were extended to June 30, 2027. The interest rate swaps as of September 30, 2021 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Liability Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 900,000 1.940 % $ (31,114) June 30, 2022 June 30, 2027 $ 900,000 $ (31,114) Derivatives not designated as hedges: $ 300,000 1.158 % $ (5,053) September 6, 2019 December 31, 2024 400,000 2.252 % (28,291) October 1, 2019 December 31, 2029 $ 700,000 $ (33,344) $ (64,458) The interest rate swaps as of December 31, 2020 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Liability Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 900,000 1.801 % $ (41,131) November 30, 2021 December 31, 2024 $ 900,000 $ (41,131) Derivatives not designated as hedges: $ 1,200,000 1.844 % $ (18,889) May 3, 2017 November 30, 2021 300,000 1.158 % (10,451) September 6, 2019 December 31, 2024 400,000 2.252 % (48,453) October 1, 2019 December 31, 2029 $ 1,900,000 $ (77,793) $ (118,924) As of September 30, 2021 and December 31, 2020, the Operating Partnership’s interest rate swaps that are in a liability position are recorded within “Accounts payable, accrued expenses, and other liabilities”.

Shareholders' Equity and Partne

Shareholders' Equity and Partners' Capital	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL	SHAREHOLDERS’ EQUITY AND PARTNERS’ CAPITAL MGP shareholders Issuance of Class A shares - March 2021. On March 15, 2021, the Company completed an offering of 21.9 million Class A shares in a registered public offering for net proceeds of approximately $676.0 million. “At-the-market-offering” (“ATM”) Program. On May 12, 2021, the Company resumed its 2019 ATM program to offer and sell the remaining $117.7 million of Class A shares under the $300 million program through sales agents at prevailing market prices or agreed-upon prices. The Company issued less than 0.1 million and 3.3 million Class A shares for net proceeds of $0.3 million and $116.8 million during the three and nine months ended September 30, 2021, respectively, and completed its ATM program. Operating Partnership capital Proceeds from the issuance of Class A shares by MGP - March 2021. On March 15, 2021, in connection with the Company’s registered offering of Class A shares for net proceeds of approximately $676.0 million, such proceeds were used in connection with satisfying the Company’s obligations under the notice of redemption of Operating Partnership units from MGM, discussed below. Redemption of Operating Partnership units - March 2021. In March 2021, certain subsidiaries of MGM delivered a notice of redemption to the Company covering approximately 37.1 million Operating Partnership units that they held in accordance with the terms of the Operating Partnership’s partnership agreement. In accordance with the terms of such agreement, upon receipt of the notice of redemption, the Company formed a conflicts committee to determine the mix of consideration that it would provide for the Operating Partnership units. The conflicts committee determined that the Company would redeem approximately 15.3 million Operating Partnership units for cash on March 12, 2021 (with such Operating Partnership units retired upon redemption) and would satisfy its remaining obligation under that notice covering the remaining 21.9 million Operating Partnership units using the proceeds, net of underwriters’ discount, from an offering of MGP’s Class A shares on March 15, 2021, for aggregate cash proceeds paid of approximately $1.2 billion. As a result of these collective transactions, MGP’s indirect ownership percentage in the Operating Partnership increased from 47.0% to 57.9%. MGP Class A share issuance - ATM Program. During the three and nine months ended September 30, 2021, in connection with the Company’s issuance of Class A shares under the ATM program, which completed its ATM program, the Operating Partnership issued less than 0.1 million and 3.3 million Operating Partnership units to the Company, respectively. As a result of these issuances, and as of September 30, 2021, MGP’s ownership percentage in the Operating Partnership was 58.4%. Accumulated Other Comprehensive Loss. Comprehensive income (loss) includes net income (loss) and all other non-shareholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive loss are reported in the accompanying condensed consolidated statement of shareholders’ equity. The following table summarizes the changes in accumulated other comprehensive loss by component: Cash Flow Hedges Other Total (in thousands) Balance at June 30, 2021 $ (30,206) $ (22,179) $ (52,385) Other comprehensive income before reclassifications 2,543 — 2,543 Amounts reclassified from accumulated other comprehensive loss to interest expense 5,423 — 5,423 Other comprehensive income 7,966 — 7,966 Other changes in accumulated other comprehensive loss: Issuance of Class A shares — (1) (1) Changes in accumulated other comprehensive loss: 7,966 (1) 7,965 Less: Other comprehensive income attributable to noncontrolling interest (3,310) — (3,310) Balance at September 30, 2021 $ (25,550) $ (22,180) $ (47,730) Balance at December 31, 2020 $ (40,063) $ (11,134) $ (51,197) Other comprehensive income before reclassifications 10,564 — 10,564 Amounts reclassified from accumulated other comprehensive loss to interest expense 16,805 — 16,805 Other comprehensive income 27,369 — 27,369 Other changes in accumulated other comprehensive loss: Issuance of Class A shares — (4,172) (4,172) Redemption of Operating Partnership Units — (6,860) (6,860) Other — (14) (14) Changes in accumulated other comprehensive loss: 27,369 (11,046) 16,323 Less: Other comprehensive income attributable to noncontrolling interest (12,856) — (12,856) Balance at September 30, 2021 $ (25,550) $ (22,180) $ (47,730) MGP dividends and Operating Partnership distributions. The Operating Partnership declares and pays distributions. MGP pays its dividends with the receipt of its share of the Operating Partnership’s distributions. On October 15, 2021, the Company paid a dividend of $0.5200 per Class A share upon receipt of its share of the Operating Partnership’s distribution of $0.5200 per unit made the same day.

Earnings Per Class A Share

Earnings Per Class A Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER CLASS A SHARE	EARNINGS PER CLASS A SHARE The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 49,968 $ 43,378 $ 153,455 $ 34,646 Less: Adjustment related to redeemable noncontrolling interests — 1,232 — — Net income attributable to Class A shares - basic and diluted $ 49,968 $ 44,610 $ 153,455 $ 34,646 Denominator: Weighted average Class A shares outstanding — basic (1) 156,799 131,567 149,037 128,788 Effect of dilutive shares for diluted net income per Class A share (2) 183 133 197 147 Weighted average Class A shares outstanding — diluted (1) 156,982 131,700 149,234 128,935 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no shares excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million and 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 83,098 $ 97,408 $ 272,204 $ 69,111 Less: Adjustment related to redeemable capital — 1,232 — — Net income attributable to unitholders - basic and diluted $ 83,098 $ 98,640 $ 272,204 $ 69,111 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,172 303,580 270,171 315,642 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 183 133 197 147 Weighted average Operating Partnership units outstanding — diluted (1) 268,355 303,713 270,368 315,789 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no units excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million units and 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively.

Earnings Per Operating Partners

Earnings Per Operating Partnership Unit	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER OPERATING PARTNERSHIP UNIT	EARNINGS PER CLASS A SHARE The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 49,968 $ 43,378 $ 153,455 $ 34,646 Less: Adjustment related to redeemable noncontrolling interests — 1,232 — — Net income attributable to Class A shares - basic and diluted $ 49,968 $ 44,610 $ 153,455 $ 34,646 Denominator: Weighted average Class A shares outstanding — basic (1) 156,799 131,567 149,037 128,788 Effect of dilutive shares for diluted net income per Class A share (2) 183 133 197 147 Weighted average Class A shares outstanding — diluted (1) 156,982 131,700 149,234 128,935 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no shares excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million and 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 83,098 $ 97,408 $ 272,204 $ 69,111 Less: Adjustment related to redeemable capital — 1,232 — — Net income attributable to unitholders - basic and diluted $ 83,098 $ 98,640 $ 272,204 $ 69,111 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,172 303,580 270,171 315,642 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 183 133 197 147 Weighted average Operating Partnership units outstanding — diluted (1) 268,355 303,713 270,368 315,789 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no units excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million units and 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. In the ordinary course of business, from time to time, the Company expects to be subject to legal claims and administrative proceedings, none of which are currently outstanding, which the Company believes could have, individually or in the aggregate, a material adverse effect on its business, financial position, results of operations, or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. All adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited financial statements and notes thereto included in the Company’s most recent Annual Report on Form 10-K.
Principles of consolidation	Principles of consolidation. The Company identifies entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIE”). A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. The consolidated financial statements of MGP include the accounts of the Operating Partnership, a VIE of which the Company is the primary beneficiary, as well as its wholly owned and majority-owned subsidiaries, which represents all of MGP’s assets and liabilities. As MGP holds what is deemed a majority voting interest in the Operating Partnership through its ownership of the Operating Partnership’s sole general partner, it qualifies for the exemption from providing certain of the required disclosures associated with investments in VIEs. The consolidated financial statements of the Operating Partnership include the accounts of its wholly owned subsidiary, MGP Lessor LLC, which is the MGM-MGP Master Lease landlord, a VIE of which the Operating Partnership is the primary beneficiary. As of September 30, 2021, on a consolidated basis, MGP Lessor, LLC had total assets of $9.0 billion primarily related to its real estate investments, and total liabilities of $577.7 million primarily related to its deferred revenue and operating lease liabilities. For entities determined not to be VIEs, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has controlling financial interest based upon the terms of the respective entities’ ownership agreements. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s MGP BREIT Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process which prevents the Company from exerting a controlling financial interest, as defined in ASC 810.
Noncontrolling interest	Noncontrolling interest. MGP presents noncontrolling interest and classifies such interest as a component of consolidated shareholders’ equity, separate from the Company’s Class A shareholders’ equity. Noncontrolling interest in MGP represents Operating Partnership units currently held by subsidiaries of MGM. Comprehensive income or loss of the Operating Partnership is allocated to its noncontrolling interest based on the noncontrolling interest’s ownership percentage in the Operating Partnership except for income tax expenses. Ownership percentage is calculated by dividing the number of Operating Partnership units held by the noncontrolling interest by the total Operating Partnership units held by the noncontrolling interest and the Company. Issuance of additional Class A shares and Operating Partnership units changes the ownership interests of both the noncontrolling interest and the Company. Such transactions and the related proceeds are treated as capital transactions. MGM may tender its Operating Partnership units for redemption in exchange for cash equal to the market price of MGP’s Class A shares at the time of redemption or for unregistered Class A shares on a one-for-one basis. Such election to pay
Redeemable noncontrolling interest and redeemable capital	Redeemable noncontrolling interest and redeemable capital. On January 14, 2020 the Operating Partnership agreed to waive its right following the closing of the MGP BREIT Venture Transaction to issue MGP Class A shares, in lieu of cash, to settle redemptions of Operating Partnership units held by MGM up to a maximum cash redemption amount of $1.4 billion. In connection with the waiver, the Operating Partnership and the Company reclassified, from permanent equity to temporary equity, the carrying value of Operating Partnership units that could require cash redemption and remeasured the units to their redemption value. The Operating Partnership units that comprised the $1.4 billion redemption amount were determined based on a 3% discount to the ten-day average closing price prior to the date of determination. At each subsequent reporting period, the carrying value of temporary equity was remeasured to the greater of: (1) the carrying value of the number of units then considered redeemable, inclusive of the comprehensive income and losses attributed based on a per unit or share basis in accordance with ASC 810 or (2) the redemption value of the number of units that are then redeemable based on the remaining aggregate cash redemption amount and the per share redemption value, except that decreases in the per unit or share redemption were limited to the amount of previous increases, with the differences between the carrying value and the remeasured value being recorded as an adjustment in additional paid-in capital (in lieu of retained earnings) or limited partners’ capital. The $1.4 billion maximum cash redemption amount was completed by the $700 million redeemed on May 18, 2020 and the $700 million redeemed on December 2, 2020.
Property transactions, net	Property transactions, net . Property transactions, net are comprised of transactions related to long-lived assets, such as gains and losses on the disposition of assets.
Fair value measurements	Fair value measurements. Fair value measurements are utilized in the accounting and impairment assessments of the Company’s real estate investments, investment in unconsolidated affiliate, and certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 2 inputs for its debt fair value disclosures. See Note 6; and • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 7.
Reportable segment	Reportable segment. The Company’s operations consist of investments in real estate, both wholly-owned and through its investment in MGP BREIT Venture, for which all such real estate properties are similar to one another in that they consist of large-scale destination entertainment and leisure properties and related offerings, whose tenants generally offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. The operating results of the Company’s wholly owned and equity method real estate investments are regularly reviewed, in the aggregate, by the chief operating decision maker. As such, the Company has one reportable segment.
Income tax provision	Income tax provision. For interim income tax reporting, the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a provision of 2.8% and 2.5% for the three and nine months ended September 30, 2021, respectively, and 2.7% and 8.4% for the three and nine months ended September 30, 2020, respectively. The Company and MGM join in the filing of a New Jersey consolidated corporation business tax return and have entered into a tax sharing agreement which provides for an allocation of taxes due in the consolidated New Jersey return. No amounts were due to MGM under the tax sharing agreement between the Company and MGM as of September 30, 2021 or December 31, 2020.
Recently issued accounting standards	Recently issued accounting standards. In March 2020, the FASB issued ASC 848, “Reference Rate Reform (Topic 848)”. ASC 848 provides optional expedients for applying U.S. GAAP to reference rate reform related contracts, hedging relationships and other qualifying transactions. Application of these expedients preserve the presentation of derivative instruments consistent with past presentation. The guidance is optional and may be elected when or as reference rate reform activities occur. The Company is currently evaluating whether it will elect practical expedients if and when its hedging and related activities are impacted.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Redeemable Noncontrolling Interest	The components of equity that related to the Company’s redeemable noncontrolling interest and the Operating Partnership’s redeemable capital were as follows: (in thousands) As of June 30, 2020 $ 700,000 Reclassification and remeasurement adjustments 3,480 Attribution of: Net income 8,159 Cash flow hedges 105 Share-based compensation 54 Deemed contribution - tax sharing agreement 397 MGP dividends and Operating Partnership distributions declared (12,196) Other 1 As of September 30, 2020 $ 700,000 (in thousands) As of January 14, 2020 $ — Reclassification and remeasurement adjustments 1,411,530 Attribution of: Net loss 6,600 Partial redemption of temporary equity (692,468) Proceeds from the issuance of Class A shares by MGP 18,418 MGP BREIT Venture Transaction 16,136 Cash flow hedges (13,957) Share-based compensation 247 Deemed contribution - tax sharing agreement 1,047 MGP dividends and Operating Partnership distributions declared (46,887) Other (666) As of September 30, 2020 $ 700,000

Real Estate Investments - (Tabl

Real Estate Investments - (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Carrying Value of Real Estate Investments	The carrying value of real estate investments is as follows: September 30, 2021 December 31, 2020 (in thousands) Land $ 3,431,228 $ 3,431,228 Buildings, building improvements, land improvements and integral equipment 7,462,120 7,426,110 10,893,348 10,857,338 Less: Accumulated depreciation (2,745,721) (2,546,601) $ 8,147,627 $ 8,310,737

Investment in Unconsolidated _2

Investment in Unconsolidated Affiliate - (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investments	Summarized results of operations of MGP BREIT Venture are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Net revenues $ 98,681 $ 98,681 $ 296,044 $ 247,800 Net income 50,001 50,320 151,314 127,799

Leases - (Tables)

Leases - (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lessor, Operating Lease Minimum Rental Payments	Under the MGM-MGP Master Lease, future non-cancelable minimum cash rental payments, which are the payments under the initial 10-year term through April 30, 2026 and do not include the four five-year renewal options and, with respect to MGM National Harbor, through August 31, 2024, are as follows as of September 30, 2021 (and, accordingly, does not reflect the cash rental payments of $30 million annually related to MGM Springfield, for which the related transaction closed subsequent to September 30, 2021): Year ending December 31, (in thousands) 2021 (excluding the nine months ended September 30, 2021) $ 210,690 2022 784,336 2023 764,861 2024 733,161 2025 669,761 Thereafter 223,254 Total $ 3,386,063

Debt - (Tables)

Debt - (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt consists of the following: September 30, December 31, 2021 2020 (in thousands) Senior secured revolving credit facility $ — $ 10,000 5.625% senior notes, due 2024 1,050,000 1,050,000 4.625% senior notes, due 2025 800,000 800,000 4.50% senior notes, due 2026 500,000 500,000 5.75% senior notes, due 2027 750,000 750,000 4.50% senior notes, due 2028 350,000 350,000 3.875% senior notes, due 2029 750,000 750,000 4,200,000 4,210,000 Less: Unamortized discount and debt issuance costs (35,102) (41,041) $ 4,164,898 $ 4,168,959

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities - (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The interest rate swaps as of September 30, 2021 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Liability Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 900,000 1.940 % $ (31,114) June 30, 2022 June 30, 2027 $ 900,000 $ (31,114) Derivatives not designated as hedges: $ 300,000 1.158 % $ (5,053) September 6, 2019 December 31, 2024 400,000 2.252 % (28,291) October 1, 2019 December 31, 2029 $ 700,000 $ (33,344) $ (64,458) The interest rate swaps as of December 31, 2020 are summarized in the table below. Notional Amount Weighted Average Fixed Rate Fair Value Liability Effective Date Maturity Date (in thousands, except percentages) Derivatives designated as hedges: $ 900,000 1.801 % $ (41,131) November 30, 2021 December 31, 2024 $ 900,000 $ (41,131) Derivatives not designated as hedges: $ 1,200,000 1.844 % $ (18,889) May 3, 2017 November 30, 2021 300,000 1.158 % (10,451) September 6, 2019 December 31, 2024 400,000 2.252 % (48,453) October 1, 2019 December 31, 2029 $ 1,900,000 $ (77,793) $ (118,924)

Shareholders' Equity and Part_2

Shareholders' Equity and Partners' Capital - (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive loss by component: Cash Flow Hedges Other Total (in thousands) Balance at June 30, 2021 $ (30,206) $ (22,179) $ (52,385) Other comprehensive income before reclassifications 2,543 — 2,543 Amounts reclassified from accumulated other comprehensive loss to interest expense 5,423 — 5,423 Other comprehensive income 7,966 — 7,966 Other changes in accumulated other comprehensive loss: Issuance of Class A shares — (1) (1) Changes in accumulated other comprehensive loss: 7,966 (1) 7,965 Less: Other comprehensive income attributable to noncontrolling interest (3,310) — (3,310) Balance at September 30, 2021 $ (25,550) $ (22,180) $ (47,730) Balance at December 31, 2020 $ (40,063) $ (11,134) $ (51,197) Other comprehensive income before reclassifications 10,564 — 10,564 Amounts reclassified from accumulated other comprehensive loss to interest expense 16,805 — 16,805 Other comprehensive income 27,369 — 27,369 Other changes in accumulated other comprehensive loss: Issuance of Class A shares — (4,172) (4,172) Redemption of Operating Partnership Units — (6,860) (6,860) Other — (14) (14) Changes in accumulated other comprehensive loss: 27,369 (11,046) 16,323 Less: Other comprehensive income attributable to noncontrolling interest (12,856) — (12,856) Balance at September 30, 2021 $ (25,550) $ (22,180) $ (47,730)

Earnings Per Class A Share - (T

Earnings Per Class A Share - (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings and Number of Class A Shares Used in the Calculation of Basic and Diluted Income Per Share	The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 49,968 $ 43,378 $ 153,455 $ 34,646 Less: Adjustment related to redeemable noncontrolling interests — 1,232 — — Net income attributable to Class A shares - basic and diluted $ 49,968 $ 44,610 $ 153,455 $ 34,646 Denominator: Weighted average Class A shares outstanding — basic (1) 156,799 131,567 149,037 128,788 Effect of dilutive shares for diluted net income per Class A share (2) 183 133 197 147 Weighted average Class A shares outstanding — diluted (1) 156,982 131,700 149,234 128,935 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no shares excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million and 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 83,098 $ 97,408 $ 272,204 $ 69,111 Less: Adjustment related to redeemable capital — 1,232 — — Net income attributable to unitholders - basic and diluted $ 83,098 $ 98,640 $ 272,204 $ 69,111 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,172 303,580 270,171 315,642 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 183 133 197 147 Weighted average Operating Partnership units outstanding — diluted (1) 268,355 303,713 270,368 315,789 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no units excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million units and 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively.

Earnings Per Operating Partne_2

Earnings Per Operating Partnership Unit - (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income and Number of Operating Partnership Units Used in the Calculation of Basic and Diluted Income Per Share	The table below provides earnings and the number of Class A shares used in the computations of “basic” earnings per share, which utilizes the weighted-average number of Class A shares outstanding without regard to dilutive potential Class A shares, and “diluted” earnings per share, which includes all such shares. Diluted earnings per Class A share does not assume conversion of the Operating Partnership units held by MGM as such conversion would be antidilutive. Earnings per share has not been presented for the Class B shareholder as the Class B share is not entitled to any economic rights in the Company. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 49,968 $ 43,378 $ 153,455 $ 34,646 Less: Adjustment related to redeemable noncontrolling interests — 1,232 — — Net income attributable to Class A shares - basic and diluted $ 49,968 $ 44,610 $ 153,455 $ 34,646 Denominator: Weighted average Class A shares outstanding — basic (1) 156,799 131,567 149,037 128,788 Effect of dilutive shares for diluted net income per Class A share (2) 183 133 197 147 Weighted average Class A shares outstanding — diluted (1) 156,982 131,700 149,234 128,935 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no shares excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million and 0.1 million shares related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively. The table below provides earnings and the number of Operating Partnership units used in the computations of “basic” earnings per Operating Partnership unit, which utilizes the weighted-average number of Operating Partnership units outstanding without regard to dilutive potential Operating Partnership units, and “diluted” earnings per Operating Partnership units, which includes all such Operating Partnership units. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Numerator: Net income $ 83,098 $ 97,408 $ 272,204 $ 69,111 Less: Adjustment related to redeemable capital — 1,232 — — Net income attributable to unitholders - basic and diluted $ 83,098 $ 98,640 $ 272,204 $ 69,111 Denominator: Weighted average Operating Partnership units outstanding — basic (1) 268,172 303,580 270,171 315,642 Effect of dilutive shares for diluted net income per Operating Partnership unit (2) 183 133 197 147 Weighted average Operating Partnership units outstanding — diluted (1) 268,355 303,713 270,368 315,789 (1) Includes weighted average deferred share units granted to certain members of the board of directors. (2) Less than 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the nine months ended September 30, 2021. There were no units excluded due to being antidilutive for the three months ended September 30, 2021. Less than 0.1 million units and 0.1 million units related to outstanding share-based compensation awards were excluded due to being antidilutive for the three and nine months ended September 30, 2020, respectively.

Business - Narrative (Details)

Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	May 11, 2021	Mar. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Apr. 01, 2021	Dec. 31, 2020	Feb. 29, 2020
VICI Properties Transaction | VICI Operating Partnership Unit | Forecast
Business And Organization [Line Items]
Number of shares retained			12,200,000
MGM Springfield
Business And Organization [Line Items]
Cash payments to acquire assets	$ 400
Master Lease Base Rent
Business And Organization [Line Items]
Increase in rent payments due under master lease					$ 764.9
Annual contractual rent growth rate					2.00%
Master Lease Base Rent | MGM Springfield
Business And Organization [Line Items]
Increase in rent payments due under master lease	30
Fixed portion of rent	$ 27
Annual contractual rent growth rate	2.00%
MGP Operating Partnership
Business And Organization [Line Items]
Operating partnership units outstanding (in shares)				268,026,361		279,966,531
MGP Operating Partnership | Subsidiaries
Business And Organization [Line Items]
Operating Partnership units redeemed (in units)		37,100,000
Aggregate proceeds from redemption of equity		$ 1,200
VICI Properties Inc. | VICI Properties Transaction | Forecast
Business And Organization [Line Items]
Payments to acquire business			$ 4,400
VICI Properties Inc. | VICI Properties Transaction | VICI Operating Partnership Unit | Forecast
Business And Organization [Line Items]
Conversion basis of shares			1.366
VICI Properties Inc. | VICI Properties Transaction | Common stock | Forecast
Business And Organization [Line Items]
Conversion basis of shares			1.366
Exchange ratio, price per share (in dollars per share)			$ 43
Exchange of Operating Partnership Units to MGP's Class A Shares
Business And Organization [Line Items]
Operating partnership unit conversion ratio				1
MGP Operating Partnership
Business And Organization [Line Items]
Operating partnership units outstanding (in shares)				268,000,000
Ownership percentage acquired ( as a percent )				58.40%
Aggregate proceeds from redemption of equity		$ 1,200
MGP Operating Partnership | MGM
Business And Organization [Line Items]
Operating partnership units held (in shares)				111,400,000
Ownership interest in operating partnership ( as a percent )				41.60%
MGP BREIT Venture Transaction | MGP Operating Partnership
Business And Organization [Line Items]
Controlling interest, ownership percentage							50.10%
MGP BREIT Venture Transaction | Blackstone Real Estate Income Trust, Inc.
Business And Organization [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners							49.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	Dec. 02, 2020USD ($)	May 18, 2020USD ($)	Jan. 14, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020	Sep. 30, 2021USD ($)segment	Sep. 30, 2020	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets				$ 10,118,295		$ 10,118,295		$ 10,600,306
Maximum exposure to loss, liabilities				$ 5,005,710		5,005,710		5,009,564
Redemption of Operating Partnership Units						$ 1,181,276
Number of segments | segment						1
Effective tax rate				2.80%	2.70%	2.50%	8.40%
Tax sharing agreement amount				$ 0		$ 0		$ 0
MGP Operating Partnership
Summary Of Significant Accounting Policies [Line Items]
Partnership agreement, purchase agreement covenant, operating unit redemption, consideration amount			$ 1,400,000
Partnership agreement, purchase agreement covenant, discount rate			3.00%
Redemption of Operating Partnership Units	$ 700,000	$ 700,000
Variable Interest Entity | MGP Operating Partnership
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to loss, assets				9,000,000		9,000,000
Maximum exposure to loss, liabilities				$ 577,700		$ 577,700
Exchange of Operating Partnership Units to MGP's Class A Shares
Summary Of Significant Accounting Policies [Line Items]
Operating partnership unit conversion ratio						1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Redeemable Noncontrolling Interest (Details) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)shares	Sep. 30, 2020USD ($)shares	Sep. 30, 2020USD ($)shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 700,000	$ 0
Reclassification and remeasurement adjustments	3,480	1,411,530
Net loss	$ 8,159	6,600
Partial redemption of temporary equity		$ (692,468)	$ (7,532)	[1]
Proceeds from the issuance of Class A shares by MGP | shares	18,418	18,418	18,418
MGP BREIT Venture Transaction		$ 16,136
Cash flow hedges	$ 105	(13,957)
Share-based compensation	54	247
Deemed contribution - tax sharing agreement	397	1,047
MGP dividends and Operating Partnership distributions declared	(12,196)	(46,887)
Other	1	(666)
Ending balance	$ 700,000	$ 700,000	$ 700,000
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Real Estate Investments - Carry

Real Estate Investments - Carrying Value of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Real estate investments, gross	$ 10,893,348	$ 10,857,338
Less: Accumulated depreciation	(2,745,721)	(2,546,601)
Real estate investments, net	8,147,627	8,310,737
Land
Real Estate Properties [Line Items]
Real estate investments, gross	3,431,228	3,431,228
Buildings, building improvements, land improvements and integral equipment
Real Estate Properties [Line Items]
Real estate investments, gross	$ 7,462,120	$ 7,426,110

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliate - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliate			$ 70,475	$ 58,090
MGP Operating Partnership
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliate			70,475	58,090
MGP Operating Partnership | MGP BREIT Venture | Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantee for losses	$ 3,000,000		$ 3,000,000
Guarantee cap	10.00%		10.00%
MGP Operating Partnership | MGP BREIT Venture | Property Lease Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantee cap	9.90%		9.90%
MGP BREIT Venture | MGP Operating Partnership
Schedule of Equity Method Investments [Line Items]
Controlling interest, ownership percentage	50.10%		50.10%
Distributions from unconsolidated affiliate	$ 23,500	$ 22,900	$ 70,500	$ 58,100

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliate - MGP BREIT Venture Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Net income	$ 83,098	$ 97,408	$ 272,204	$ 69,111
MGP BREIT Venture
Schedule of Equity Method Investments [Line Items]
Net revenues	98,681	98,681	296,044	247,800
Net income	$ 50,001	$ 50,320	$ 151,314	$ 127,799

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Apr. 01, 2021USD ($)	Sep. 30, 2021USD ($)numberOfExtension	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)numberOfExtension	Sep. 30, 2020USD ($)	May 11, 2021USD ($)
Leases [Line Items]
Number of lease extension options | numberOfExtension		4
Percent of rent payments, base rent		91.00%		91.00%
Percent of rent payment, percentage rent		9.00%		9.00%
Adjusted net revenue to rent ratio				625.00%
Initial period of fixed rent remaining term				6 years
Subsequent period of variable rent amount				5 years
Tenant Reimbursements
Leases [Line Items]
Operating lease, lease income		$ 6	$ 6	$ 18.1	$ 18.1
Master Lease
Leases [Line Items]
Initial lease term (in years)		10 years		10 years
Number of lease extension options | numberOfExtension				4
Lease extension term		5 years		5 years
Master Lease | Rental Properties
Leases [Line Items]
Operating lease, lease income		$ 188.3	$ 188.3	$ 564.9	$ 580.1
Master Lease Base Rent
Leases [Line Items]
Lessor, operating lease, variable lease payment, annual rent escalator		2.00%		2.00%
Annual contractual rent growth rate	2.00%
Increase in rent payments due under master lease	$ 764.9
Annual rent	$ 842.8
Master Lease Base Rent | MGM Springfield
Leases [Line Items]
Annual contractual rent growth rate						2.00%
Increase in rent payments due under master lease						$ 30
Cash rental payments		$ 30		$ 30
Master Lease Percentage Rent
Leases [Line Items]
Operating leases fixed amount adjustment multiplier				1.40%

Leases - Operating Lease Minimu

Leases - Operating Lease Minimum Rental Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 210,690
2022	784,336
2023	764,861
2024	733,161
2025	669,761
Thereafter	223,254
Total	$ 3,386,063

Debt - Debt Outstanding (Detail

Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 4,200,000	$ 4,210,000
Less: Unamortized discount and debt issuance costs	(35,102)	(41,041)
Long-term debt, net	4,164,898	4,168,959
Senior secured revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 0	10,000
5.625% senior notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.625%
Senior notes	$ 1,050,000	1,050,000
4.625% senior notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Senior notes	$ 800,000	800,000
4.50% senior notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.50%
Senior notes	$ 500,000	500,000
5.75% senior notes, due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%
Senior notes	$ 750,000	750,000
4.50% senior notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.50%
Senior notes	$ 350,000	350,000
3.875% senior notes, due 2029 | Senior Notes
Debt Instrument [Line Items]
Interest rate	3.875%
Senior notes	$ 750,000	$ 750,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Estimated fair value of long-term debt	$ 4,600,000,000	$ 4,500,000,000
Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	0
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity under credit facility	75,000,000
MGP Operating Partnership | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility	$ 1,400,000,000

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Derivative [Line Items]
Gain (loss) on unhedged interest rate swaps, net		$ (4,411)	$ (7,701)	$ (33,015)	$ 2,831
Interest Rate Swaps | MGP Operating Partnership
Derivative [Line Items]
Notional amount	$ 1,200,000
Gain (loss) on unhedged interest rate swaps, net	$ 100
Interest Rate Swap Effective June 30, 2022 | MGP Operating Partnership
Derivative [Line Items]
Notional amount						$ 900,000
Weighted average fixed rate						1.94%

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair Value Liability	$ (64,458)	$ (118,924)
Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	900,000	900,000
Fair Value Liability	(31,114)	(41,131)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	700,000	1,900,000
Fair Value Liability	(33,344)	(77,793)
Interest Rate Swap Effective June 30, 2022 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 900,000
Weighted Average Fixed Rate	1.94%
Fair Value Liability	$ (31,114)
Interest Rate Swap Effective Nov 30, 2021 | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount		$ 900,000
Weighted Average Fixed Rate		1.801%
Fair Value Liability		$ (41,131)
Interest Rate Swap Effective May 3, 2017 | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount		$ 1,200,000
Weighted Average Fixed Rate		1.844%
Fair Value Liability		$ (18,889)
Interest Rate Swap Effective Sep 6, 2019 | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 300,000	$ 300,000
Weighted Average Fixed Rate	1.158%	1.158%
Fair Value Liability	$ (5,053)	$ (10,451)
Interest Rate Swap Effective Oct 1, 2019 | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	$ 400,000	$ 400,000
Weighted Average Fixed Rate	2.252%	2.252%
Fair Value Liability	$ (28,291)	$ (48,453)

Shareholders' Equity and Part_3

Shareholders' Equity and Partners' Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 15, 2021	Mar. 15, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	May 12, 2021	Mar. 14, 2021
MGP Operating Partnership
Class of Stock [Line Items]
Operating Partnership units redeemed using proceeds from share issuances (in units)			21,900,000
Aggregate proceeds from redemption of equity			$ 1,200
Ownership percentage		57.90%		58.40%	58.40%		47.00%
MGP Operating Partnership | Operating Partnership Units
Class of Stock [Line Items]
Operating Partnership units redeemed (in units)			37,100,000
Operating Partnership units redeemed using cash (in units)			15,300,000
Class A Shares | Subsequent Event
Class of Stock [Line Items]
Dividends (in dollars per share)	$ 0.5200
Dividends (in dollars per share)	$ 0.5200
Public Stock Offering | Class A Shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		21,900,000
Sale of stock, consideration received on transaction		$ 676
At-The-Market-Offering Program | MGP Operating Partnership | Operating Partnership Units
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				100,000	3,300,000
At-The-Market-Offering Program | Class A Shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				100,000	3,300,000
Sale of stock, consideration received on transaction				$ 0.3	$ 116.8
Aggregate sales price						$ 300
Amount remaining to be sold						$ 117.7

Shareholders' Equity and Part_4

Shareholders' Equity and Partners' Capital - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
AOCI [Roll Forward]
Beginning Balance	$ 5,146,117	$ 5,669,446		$ 5,590,742	$ 6,898,012
Other comprehensive income (loss) before reclassifications	2,543			10,564
Amounts reclassified from accumulated other comprehensive loss to interest expense	5,423			16,805
Other comprehensive income	7,966			27,369
Issuance of Class A shares	(1)			(4,172)
Redemption of Operating Partnership Units				(1,181,276)
Other	11,419	2	[1]	9,881	(105)	[2]
Changes in accumulated other comprehensive loss:	7,965			16,323
Less: Other comprehensive income attributable to noncontrolling interest	(3,310)			(12,856)
Ending Balance	5,112,585	5,623,016		5,112,585	5,623,016
AOCI Attributable to Parent
AOCI [Roll Forward]
Beginning Balance	(52,385)	(52,899)		(51,197)	(7,045)
Redemption of Operating Partnership Units				(6,860)
Other	0	0	[1]	(14)	47	[2]
Ending Balance	(47,730)	$ (52,583)		(47,730)	$ (52,583)
Cash Flow Hedges Attributable to Parent
AOCI [Roll Forward]
Beginning Balance	(30,206)			(40,063)
Ending Balance	(25,550)			(25,550)
Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Other comprehensive income (loss) before reclassifications	2,543			10,564
Amounts reclassified from accumulated other comprehensive loss to interest expense	5,423			16,805
Other comprehensive income	7,966			27,369
Issuance of Class A shares	0			0
Redemption of Operating Partnership Units				0
Other				0
Changes in accumulated other comprehensive loss:	7,966			27,369
Cash Flow Hedges Including Noncontrolling Interest
AOCI [Roll Forward]
Less: Other comprehensive income attributable to noncontrolling interest	(3,310)			(12,856)
Other Attributable to Parent
AOCI [Roll Forward]
Beginning Balance	(22,179)			(11,134)
Ending Balance	(22,180)			(22,180)
Other Including Portion Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Other comprehensive income (loss) before reclassifications	0			0
Amounts reclassified from accumulated other comprehensive loss to interest expense	0			0
Other comprehensive income	0			0
Issuance of Class A shares	(1)			(4,172)
Redemption of Operating Partnership Units				(6,860)
Other				(14)
Changes in accumulated other comprehensive loss:	(1)			(11,046)
Other Attributable to Noncontrolling Interest
AOCI [Roll Forward]
Less: Other comprehensive income attributable to noncontrolling interest	0			0
MGP Operating Partnership
AOCI [Roll Forward]
Other comprehensive income	$ 7,966			$ 27,369
[1]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.
[2]	Excludes amounts attributable to redeemable noncontrolling interest. See Note 2.

Earnings Per Class A Share (Det

Earnings Per Class A Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 49,968	$ 43,378	$ 153,455	$ 34,646
Less: Adjustment related to redeemable capital	0	1,232	0	0
Net income attributable to Class A shares - basic and diluted	$ 49,968	$ 44,610	$ 153,455	$ 34,646
Denominator:
Weighted average Class A shares outstanding - basic (in shares)	156,799	131,567	149,037	128,788
Effect of dilutive shares for diluted net income per Class A share (in shares)	183	133	197	147
Weighted average Class A shares outstanding - diluted (in shares)	156,982	131,700	149,234	128,935
Stock Compensation Plan
Denominator:
Potentially dilutive shares (less than )	0	100	100	100

Earnings Per Operating Partne_3

Earnings Per Operating Partnership Unit (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 49,968	$ 43,378	$ 153,455	$ 34,646
Less: Adjustment related to redeemable capital	$ 0	$ 1,232	$ 0	$ 0
Denominator:
Effect of dilutive shares for diluted net income per Class A share (in shares)	183	133	197	147
Stock Compensation Plan
Denominator:
Potentially dilutive shares (less than)	0	100	100	100
MGP Operating Partnership
Numerator:
Net income	$ 83,098	$ 97,408	$ 272,204	$ 69,111
Less: Adjustment related to redeemable capital	0	1,232	0	0
Net income attributable to unitholders - basic and diluted	$ 83,098	$ 98,640	$ 272,204	$ 69,111
Denominator:
Weighted average Operating Partnership units outstanding - basic (in shares)	268,172	303,580	270,171	315,642
Effect of dilutive shares for diluted net income per Class A share (in shares)	183	133	197	147
Weighted average Operating Partnership units outstanding - diluted (in shares)	268,355	303,713	270,368	315,789
MGP Operating Partnership | Stock Compensation Plan
Denominator:
Potentially dilutive shares (less than)	0	100	100	100